This extension was granted through SEC Memorandum Circular No. 6,Series of 2023, entitled ?Amendment of SEC MemorandumCircular No. 2, Series of 2023, and Extending theDeadlineof AmnestyApplications?(SECMC No. 6-2023 or the ?Circular?). The Circular was issued on April 25, 2023, and took effect immediately following the completion of itspublication in newspapersnationwide.

DeadlineExtension

The SEC extended the deadline for amnesty applications due to the number of companies expressing interest in availing the program and the overlap in the submission dates of reportorial requirements with the Bureau of Internal Revenue (BIR). The Circular provided that eligible companies are given until June 30, 2023, to submit their amnesty applications. Applicantsmust comply with the complete and correct set of requirements for the amnesty application within 90 daysfromthe date of payment of the amnesty fee.

AmnestyProgram

The amnesty program is part of the SEC?s efforts to encourage its supervised entities to comply with their reportorial requirements under Republic Act No. 11232 or the Revised Corporation Code of the Philippines. It was launched in March for non-compliant corporations or for those whose certificates of registration have been suspended/revoked. After the extended June 30 deadline, the SEC will implement an updated scale of fines and penalties for the late filing and non-filing of the covered reportorial requirementseffective July 1,2023. Click on this link for further detailsabout theCircular.

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May 2023